Establishment of Letters of Credit

Unitybank plc makes remittances for our customers and also finances their Letters of credit through different credit or loans made available to our esteem customers. The following are the requirements for the establishment of Letters of Credit:

As at when customer applies for Letters of Credit:

a) Completion of 'Form M' online on :
b) Supply of proforma invoice dated within the past three months
c) Insurance certificate insuring 110 percent of the value of the proforma invoice (PFI)
d) Duly completed and signed Unitybank Letters of Credit application form (available here)
e) PHCN/NERC clearance certificate for importation of generators and power related equipments
f) NAFDAC clearance certificate for importation of foods and pharmaceutical related goods
g) SONCAP for importation of machinery and equipments
h) DPR import permit/Depot license for petroleum products importation

After the Letters of Credit has been established, the following documents are expected to be forwarded to our correspondent bank by the beneficiary bank:

a) Transport documents (Bill of lading, Airway bill or Way bill)
b) Commercial invoice or Final invoice
c) Packing list
d) Combined Certificate of Value and origin (CCVO)( Form C16)
e) Manufacturers certificate/certificate of photo sanitary/certificate of analysis

When the goods must have been cleared from the port, the following Exchange Control Documents are expected to be submitted with our bank within 90 days of date on bill of lading:

a) Single Goods Declaration (SGD FORM)
b) Used Risk Assessment Report
c) Payment schedule
d) Terminal delivery order
e) Duty receipts

Note that dates on shipping documents must not precede the date approval was given to the Form M was completed online by the customer and date Letters of Credit was established.

You can easily link your BVN to your account


  • E-Channels
  • New Unity Mobile
  • Unity Kids
  • Unity Farmer
  • Target Savings Account
  • Internet Banking
  • Holy trip Card
  • Platinum Card
  • Holy Trip
  • Annual Report
  • Unity Mobile